Loading...
HomeMy WebLinkAbout2012 03 12 Consent 202 Requesting adoption of Resolution Number 2011-59 Defined Contribution PlanCOMMISSION AGENDA ITEM 202 March 12, 2012 Regular Meeting REQUEST: Informational Consent X Public Hearings Regular KS City Manager BE Department The City Manager and Finance and Administrative Services Department requesting the Commission to consider adoption of Resolution 2011 -59 creating a defined contribution plan for the City of Winter Springs, to name ICMA -RC as administrator, and to authorize the City Manager and City Attorney to prepare and execute any and all applicable documents. SYNOPSIS: On September 16, 2011 the City Commission adopted Resolution 2011 -52 which established that all General Employees hired after October 1, 2011 are eligible for the new Defined Contribution Plan. Additionally, any employee hired prior to October 1, 2011 will have a one -time irrevocable option to elect to leave the Defined Benefit Plan and participate in the new Defined Contribution Plan. This Resolution 2011 -59 fulfills the prior direction of the Commission and creates a Defined Contribution Plan (401a) and names ICMA -RC as the administrator of this Plan. CONSIDERATIONS: As directed by adoption of Resolution 2011 -52 and Resolution 2011 -59 by the City of Winter Springs Commission this agenda item is hereby presented. Resolution 2011 -59 will complete the directive of the Commission to secure sustainable pension plan benefits for current and future employees. The critical details of this Defined Contribution Plan are presented below. The defined contribution plan has been constructed in a manner to maximize the benefit for the employees and minimize the cost to the City. Each employee will be required to have Consent 202 PAGE 1 OF 3 - March 12, 2012 two accounts. First, the City will create a 401(a) account for the City's contributions to be deposited. Second each employee participating in the plan will also have a 457 account to deposit their own retirement funds. The primary reason for the separation of the funds is the level of restrictions that the IRS places on each type of account, the 401(a) being the most restrictive. Defined Contribution Plan Structure Vesting - Employees would vest in the 401(a) using the flowing schedule (Note: employees vest in their 457 monies on day 1): Year 1 - 0% Year 2 - 0% Year 3 - 60% Year 4 - 80% Year 5 - 100% Employer Match - City would contribute the first 5% of the employee's gross wages (including overtime) with no match required by the employee. The City will also contribute an additional 2.5% of gross wages if the employee matches it dollar- for - dollar. This would bring the total contribution in the plan to 10% of which 7.5% are City funds. Eligibility — All General Employees hired after October 1, 2011 are participating in the DC Plan after 6 months of service. All employees hired before October 1, 2011 are eligible for a one -time irrevocable opt -out of the Defined Benefit Plan. Any employee that wishes to exercise this opt -out (defined benefit plan) must do so within 60 days of the adoption of Resolution 2011 -59. For those employees that opt -out of the Defined Contribution Plan there will be no "cash out" or "conversation of funds" from the Defined Benefit Plan to the Defined Contribution Plan unless the balance of the employees DB Plan is less than $3,500. If the Defined Benefit Plan balance is less than $3,500.00 and they wish to roll these monies into the new Defined Contribution Plan the City will not match any of roll -over dollars. The reason for the $3,500 threshold is that the administration of small dollar value accounts is cost prohibitive. Cost of Plan Administration The cost of the administration of the 457 and 401(a) is absorbed by the participants. ICMA RC ICMA Retirement Corporation (ICMA -RC) offers retirement planning and advisory services exclusively for public- sector employees. A not - for - profit organization, it offers 401 (a), 401(k), and 457 plans and individual retirement accounts. The company also manages the VantagePoint family of funds. ICMA -RC serves more than 920,000 employees of state and local governments from some 9,000 public sector plans. It has approximately $37 billion in plan assets under management. ICMA is also one of our current providers of the employees 457 plan. There are two primary reasons for selecting ICMA -RC to be the plan administrator. ICMA - RC has a very extensive list of funds to choose from in their portfolio and the internal cost for administration is extremely low .55 %. In addition to these two very important reasons for selecting ICMA -RC, they are also excellent at education and communication with participants. Over the past several years, ICMA -RC, in partnership their clients, have received more than 50 awards and honors for our education and communication programs. Consent 202 PAGE 2 OF 3 - March 12, 2012 FISCAL IMPACT: The fiscal impact of Resolution 2011 -59 for Fiscal Year 2012 is a savings of approximately $35,000. The Savings to the City for introducing a Defined Contribution Plan is approximately $11.7 million dollars over the next 30 years. The intent of this plan and other pension reform is to address escalating pension cost and endeavor to make these pension plans sustainable for current and future employees. COMMUNICATION EFFORTS: This Agenda Item has been electronically forwarded to the Mayor and City Commission, City Manager, City Attorney /Staff, and is available on the City's Website, LaserFiche, and the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the respective Meeting Agenda which has also been electronically forwarded to the individuals noted above, and which is also available on the City's Website, LaserFiche, and the City's Server; has been sent to applicable City Staff, Media/Press Representatives who have requested Agendas /Agenda Item information, Homeowner's Associations/Representatives on file with the City, and all individuals who have requested such information. This information has also been posted outside City Hall, posted inside City Hall with additional copies available for the General Public, and posted at five (5) different locations around the City. Furthermore, this information is also available to any individual requestors. City Staff is always willing to discuss this Agenda Item or any Agenda Item with any interested individuals. RECOMMENDATION: City Manager and Director of Finance and Administrative Services recommend that the Commission adopt Resolution 2011 -59. In addition, it is recommended that authorization be granted to assign ICMA -RC as the administrator of this plan and granted to the City Manager and City Attorney be authorized to prepare and execute all required documents. ATTACHMENTS: • Resolution 2011 -59 • 401 Governmental Money Purchase Plan Return Booklet Consent 202 PAGE 3 OF 3 - March 12, 2012 RESOLUTION NO. 2011-59 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, ESTABLISHING A MONEY PURCHASE PLAN AND TRUST TO BE KNOWN AS "THE WINTER SPRINGS DEFINED CONTRIBUTION PLAN "; PROVIDING FOR SEVERABILITY, REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, AND AN EFFECTIVE DATE. WHEREAS, the Winter Springs has employees rendering valuable services to the City; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the City of Winter Spring desires that its money purchase retirement plan be administered by ICMA -RC and that the funds held in such plan be invested in the VantageTrust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans; and WHEREAS, the City Commission of the City of Winter Springs deems that this Resolution is in the best interests of the public health, safety, and welfare of the citizens of Winter Springs. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recitals are deemed true and correct and are hereby fully incorporated by this reference. Section 2. Establishment of Winter Springs Defined Contribution Plan. The City Commission of the City of Winter Springs hereby establishes a money purchase retirement plan and trust to be known as the "Winter Springs Defined Contribution Plan" ( "the Plan ") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement set forth in Exhibit "A," attached hereto and fully incorporated herein by this reference. The City Commission authorizes the City Manager to execute the Declaration of Trust of VantageTrust, intending such execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City. The City agrees to serve as trustee under the Plan and to invest funds held under the Plan in the VantageTrust. The City's Director of Finance and Administrative Services shall be the coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the VantageTrust; shall cast, on behalf of the City, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments. The City Commission hereby authorizes the City of Winter Springs Resolution No. 2011 -59 Page 1 of 2 City Manager to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict. Section 4. Severability. If any section, subsection, sentence, clause, phrase, word, or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, or such court declares the banner program a public forum, this Resolution shall be immediately presented to the City Commission at their next regular meeting or special meeting for further consideration which may include amending or repealing this Resolution. Section 5. Effective Date. Upon adoption by the City Commission of the City of Winter Springs, Florida, this Resolution shall become retroactively effective starting on October 1, 2011. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 12t' day of March, 2012. CHARLES LACEY, Mayor ATTEST: ANDREA LORENZO- LUACES, City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs Resolution No. 2011 -59 Page 2 of 2 D This booklet contains the following documents: • Suggested Resolution • Adoption Agreement • Implementation Data Form • EZ Link Access Form • 401/457 Online Options Form Governmental Money Purchase Plan & Trust Employer Plan Adoption Booklet This is one of two booklets containing information to establish your Governmental Money Purchase Plan & Trust with the ICMA -RC. Please return the following documents to ICMA -RC: 1. Completed Resolution. • Use the ICMA -RC Suggested Resolution enclosed, or • Complete your own Resolution. If you are using your own Resolution, please have it reviewed by ICMA -RC prior to passage. 2. Adoption Agreement. Complete all sections of the Agreement and execute. If you are utilizing an Individual Designed Plan Document, please provide a current copy of the document including amendments and a Letter of Determination as provided by the IRS. 3. Implementation Data Form. Complete all sections. 4. EZ Link Access Form. 5. 401/457 Online Options Form 6. Loan Guidelines (if applicable). This form is contained in the 4011457 Loan Pack- et. 7. Signed Administrative Services Agreement. Once you are ready to begin completing this information, please contact your New Business UnitAnalyst, toll free at 1-800-326-7272 for assistance. RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A MONEY PURCHASE PLAN RESOLUTION OF city of Winter Springs (EMPLOYER NAME). PLAN NUMBER 10- WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the Employer desires that its money purchase retirement plan be administered by ICMA -RC and that the funds held in such plan be invested in the VantageTrust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans: NOW THEREFORE BE IT RESOLVED that the Employer hereby establishes or has established a money purchase retirement plan (the "Plan ") in the form of. (Select one) 0 The ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement (executed copy attached hereto). 17 The Plan and Trust provided by the Employer (executed copy attached hereto). The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust of VantageTrust, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the Employer, if the assets of the plan are to be invested in the VantageTrust. BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the VantageTrust; and BE IT FURTHER resolved that the Director of Finance and Administrative Services (use title of official, not name) shall be the coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the VantageTrust; shall cast, on behalf of the Employer, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments; and BE IT FURTHER RESOLVED that the Employer hereby authorizes City Manager (use title not name) to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. I Andrea Lorenzo Luaces , Clerk of the (City, County, etc.) of Winter Springs resolution proposed by (Council Member, Trustee, etc.) of W inter Springs by the (Council, Board, etc.) of the (City, County, etc.) of /`/ inter Springs do hereby certify that the foregoing , was duly passed and adopted at a regular meeting thereof assembled this 27 day of February , 20 12 , by the following vote: AYES: NAYS: ABSENT: (SEAL) Clerk of the (City, County, etc.) ICMA -RC • P. O. Box 96220 • Washington, DC 20090 -6220 • 1- 800 - 326 -7272 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT PLAN NUMBER 10- The Employer hereby establishes a Money Purchase Plan and Trust to be known as The Winter Sp Defined Contribution Pian — (the "Plan ") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust (MPP 01/01/06). This Plan is an amendment and restatement of an existing defined contribution money purchase plan. 17 Yes 0 No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: I. Employer: City of Winter Springs ----------------------------------------- II. The Effective Date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: October 1, 2011 ------------------- (e.g., January 1, 2006 for the MPP 01/01/06 Plan) III. Plan Year will mean: 17 The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the Plan.) The twelve (12) consecutive month period commencing on October 1, 2011 - - -- and each anniversary thereof. IV. Normal Retirement Age shall be age 65 - -- ( not to exceed age 65). V. ELIGIBILITY REQUIREMENTS: 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees Yes -- All Full Time Employees Salaried Employees Non union Employees Management Employees Public Safety Employees General Employees Other Employees (specify describe the group(s) of eligible employees below) [902] [288] The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. Also, the eligibility requirements for participation in the Plan cannot be such that Employees become Participants only in the Plan Year in which the Employees terminate employment (i.e., stand -alone final pay plans). Money Purchase Plan Adoption Agreement 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) 6 months If this waiver or reduction is elected, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age requirement is N/A (not to exceed age 21. Write N/A if no minimum age is declared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows (choose all that apply): Fixed Employer Contributions With or Without Mandatory Participant Contributions. (If section B or C is chosen, please complete section D.) A. Fixed Employer Contributions. The Employer shall contribute on behalf of each Participant 5______% of Earnings or $_______ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions 17 are required 71 are not required to be eligible for this Employer Contribution. B. Mandatory Participant Contributions for Plan Participation. A Participant is required to contribute (subject to the limitations of Article V of the Plan) (i) % of Earnings, (ii) $ or (iii) a whole percentage of Earnings between the range of (insert range of percentages between 0% and 20% (e.g., 3 %, 6%, or 20 %; 5% to 796)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan. A Participant shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. The Employer hereby elects to "pick up" the Mandatory Participant Contributions.' 17 Yes 17 No [621] C. Mandatory Participant Contributions for this Portion of the Plan. Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute (insert range ofpercentages between 0% and 20% (e.g., 3 %, 6 9 , 6, or 20 %; 5% to 7 9 , 6)) of the Employee's Earnings to the Plan for each Plan Year (subject to the limitations of Article V of the Plan). Neither an IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are picked up by the Employer are not includ able in the Participant's gross income for federal income tax purposes. Pick -up contributions are not mandated to receive private letter rulings, however, if an adopting employer wishes to receive a ruling on pick -up contributions they may request one in accordance with Revenue Procedure 2007 -4 (or subsequent guidance). Money Purchase Plan Adoption Agreement A Participant shall not have the right to discontinue or vary the rate of such contributions after becoming a Participant in this portion of the Plan. The Employer hereby elects to "pick up" the Mandatory Participant Contributions.' 17 Yes 17 No [621] D. Election Window. Newly eligible Employees shall be provided an election window of 30 ______ days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. In the event of re- employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick- up contribution amount directly. 17 Fixed Employer Match of Voluntary Participant Contributions. The Employer shall contribute on behalf of each Participant ___% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed ____% of Earnings or $ . Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. 17 Variable Employer Match of Voluntary Participant Contributions. The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding ____% of Earnings or $________); PLUS % of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (but not including Voluntary Participant Contributions exceeding in the aggregate ____% of Earnings or $ -------- ). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ or ____% of Earnings, whichever is ___ more or ___ less. 2. Each Participant may make a voluntary (unmatched), after tax contribution, subject to the limitations of Section 4.05 and Article V of the Plan. 17 Yes 0 No 3. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): z See footnote I on the previous page. Money Purchase Plan Adoption Agreement 4. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: (a) Overtime (b) Bonuses 0 Yes 17 No 17 Yes 0 No (c) Other Pay (specifically describe any other types of pay to be included below) educational incentive pay VIII. The Employer will permit rollover contributions in accordance with Section 4.11 of the Plan. 0 Yes 17 No IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Sections 5.02 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (f) of the Plan will apply unless another method has been indicated below. Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The limitation year is the following 12 consecutive month period: Money Purchase Plan Adoption Agreement X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Percent Completed Vested Zero 0 % One 0 % Two 40 Three 60 % Four 80 % Five 100 % Six % Seven % Eight % Nine % Ten % XI. Loans are permitted under the Plan, as provided in Article XIII of the Plan: 17 Yes 0 No XII. [751 ] 1. In- service distributions are permitted under the Plan after a participant attains (select one of the below options): [646:8] Normal Retirement Age Age 70' /z Not permitted at any age 2. Tax-free distributions of up to $3,000 for the payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. 17 Yes 0 No (Default) [646:3] XIII. In- service distributions of the Rollover Account are permitted under the Plan as provided in Section 9.07. 17 Yes 0 No (Default) XIV. SPOUSAL PROTECTION [646:7] The Plan will provide the following level of spousal protection (select one): A. Participant Directed Election. The normal form of payment of benefits under the Plan is a lump sum. The Participant can name any person(s) as the Beneficiary of the Plan, with no spousal consent required. L646 : 61 B. Beneficiary Spousal Consent Election (Article XII). The normal form of payment of benefits under L646 : 61 the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. (This is the default provision under the Plan if no selection is made.) C. 17 QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participant's [642:8] death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. L646 : 61 5 Money Purchase Plan Adoption Agreement XV. FINAL PAY CONTRIBUTIONS A. B. C. The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected. Final Pay shall be defined as (select one): ►A ■ ■ ■ Accrued unpaid vacation Accrued unpaid sick leave Accrued unpaid vacation and sick leave We Other (insert definition of final pay): that would otherwise be payable to the Employee in cash upon termination. 1. 17 Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant of Final Pay to the Plan (subject to the limitations of Article V of the Plan). 2. 17 Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. If the employer elects to "pick up" these amounts, in no event does the Employee have the option of receiving the pick-up contribution amount directly. The Employer hereby elects to "pick up" the Employee Designated Final Pay Contribution thereby treating such contributions as Employer -made contributions for federal income tax purposes. XVI. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions if either 1 or 2 is selected below. Accrued Leave shall be defined as (select one): 71 Yes 17 No [621] A. 17 B. 17 C. 17 D. 17 Accrued unpaid vacation Accrued unpaid sick leave Accrued unpaid vacation and sick leave Other (insert definition of final pay: that would otherwise be payable to the Employee in cash. 17 Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the following options): 17 For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours /days /weeks) to the Plan (subject to the limitations of Article V of the Plan). 17 For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Money Purchase Plan Adoption Agreement 6 17 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute - - - - -% (insert fixed percentage of accrued unpaid leave to be contributed) or up to -- - - - - -% (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. If the employer elects to "pick up" these amounts, in no event does the Employee have the option of receiving the pick-up contribution amount directly. The Employer hereby elects to "pick up" the Employee Designated Final Pay Contribution thereby treating such contributions as Employer -made contributions for federal income tax purposes. 71 Yes 17 No [621 ] In order to allow for Final Pay Contributions and /or Accrued Leave Contributions, as defined in sections XV and XVI above, the Plan must also include additional sources of ongoing contributions, such as Fixed Employer Contributions or Mandatory Participant Contributions. In accordance with IRS Guidance, ICMA -RC will not process Final Pay Contribution or Accrued Leave Contribution Features as part of a "Stand Alone" Final Pay Plan. XVII. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVIII. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. XIX. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. XX. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XXI. An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code to the extent provided in applicable IRS revenue procedures and other official guidance. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 12 - -- day of March ------ - - - - -- 2012 - - -' EMPLOYER ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Washington, DC 20002 -4240 202 - 962 -8096 By: Print Name: Kevin L Smith By: Print Name: Title: City Manager Title: Attest: Attest: Money Purchase Plan Adoption Agreement 401 Qualified Plan Implementation Data Form Please ensure that each section of this form is completed before returning it to ICMA -RC along with the other adoption materials. You may contact ICMA -RC's Client Services team at 1- 800 - 326 -7272 if you have questions. The following list of designations should help you complete the Implementation Data Form: 13. Primary Contact This person is responsible for the day -to -day administration and processing of plan transactions. This is the person we call if general questions arise concerning your ICMA -RC account. 14. Disbursement /Loan This person(s) will be responsible for signing disbursement and loan withdrawal forms, authorizing any disbursement or loan transactions, and answering questions pertaining to disbursements and loans. This should be a person(s) of au- thority. Also, the person's signature should be placed in the appropriate section of this form for our reference purposes. 17. Contribution /EZ Link Contact This person is responsible for sending contributions to RC. If there are discrepancies in the wire amount and the corresponding backup, this is the person we will contact to resolve the issue. This person should have access to all payroll /contribution information to ensure efficient processing of contributions. Confirmations for each contribution received are sent to this individual. 18. Quarterly Statement This person will receive all quarterly statements. 19. Plan Coordinator The title of this person is designated in the resolution. If a different person obtains the same title, you may use this form to update the name change. You must have your legislative body pass a new resolution to update the title of the person designated as plan coordinator. 20. Billing (Fees) If RC charges any employer paid fees to your account, this person will receive the invoices. icmARC Building Retirement Security 401 Qualified Plan Implementation Data Form I Page 1 of 4 Instructions to Employer: Provide necessary information to establish your plan properly. Please contact your New Business Unit Analyst at 1- 800 - 326 -7272, then press "0" for your plan number if you have any questions. ICMA -RC Use Only: Employer # 10 General 1. (902) Employer's Full Name: City of Winter Springs Information 2. (924) Street Address: 1126 East S.R. 434 (925) 3. (918) City: Winter Springs (919) State: Florida (920) Zip Code: 32708 4. (633) Primary Contact: Shawn Boyle 5. (634) Primary Contact Title: Finance Director 6. (631) Primary Contact Telephone #: ( 407 ) 327 -5960 7. (632) Fax #: ( 407 ) 327 -6694 B. (882) Employer's Federal Tax Identification Number: 59- 1026364 Plan 9. (611) Contribution information (See "Important Contribution Information" later in this book) Implementation Information a. Frequency: (check one) ® (0) Bi- weekly ❑ (4) Monthly ❑ (8) Semi - quarterly Instructions - Use the ❑ (])Weekly ❑ (5) Semi - monthly ❑ (9) Bi- annually Vantagepoint Funds ❑ (2) Semi - weekly ❑ (6) Bi- quarterly ❑ (10) Annually Brochure or sheet to complete this section. ❑ (3) Bi- monthly ❑ (7) Quarterly ❑ (11) Semi - annually b. Deposit Medium: (624) ❑ Wire ❑ ACH 10. First Contribution Date Following Implementation: March 30, 2012 11. Number of Eligible Employee: 200 Expected Number of Participants: 50 -75 Default Default Fund for Investment Allocations: Investment Option The default fund will be used if a participant does not provide valid allocation instructions (i.e., no allocation is provided, the allocation percentages do not total 100 %, or one or more funds that are not available to the plan are selected). If you do not make an election in this section, the Milestone Fund with the target date closest to a participant's 60 11, birthday will be used as your plan's default option. You may select the "Custom Default" option if you would like to use a fund (or funds) other than the Milestone Funds as your plan's default option. Please see ICMA -RC's Standard Plan Fund Lineup at www.i(mar(.org to complete this section. Note: Prior to selecting the "Custom Default" option, employers should carefully review the Department of Labor's final regulations on qualified default investment alternatives (QDIAs). More information is available online at www.dol.gov or www.icmarc.org /ppa. 12. Default Fund for Investment Allocations (Select one option): ❑ The Milestone Funds (Default) with a target retirement age of: © Age 60 (Default) ❑ Age (input the Target Retirement Age to be used for your plan) (continued on the following page) icmARC Building Retirement Security 401 Qualified Plan Implementation Data Form I Page 2 of 4 Instructions to Employer: Provide necessary information to establish your plan properly. Please contact your New Business Unit Analyst at 1- 800 - 326 -7272, then press "0" for your plan number if you have any questions. ICMA -RC Use Only: Employer # 10 ❑ Custom Default (List the fund name(s) and percentages that will be used as the plan's default investment option): Default Fund Name Percentage Investment Option continued PLAN CONTACTS Primary 13. PT00 Contact (200) Primary Contact Name: Shawn Boyle Information (210) Title: Director Finance (420) Telephone: ( ) 407 - 327 -5960 (421) Fax:( ) 407 - 327 -6694 (422) Email Address: sboyle @winterspringsfl.org Disbursement/ 14. PTO Contact Signature: Loan Contact (200) Contact Name: Shawn Boyle Information (210) Title: Director Finance Please indicate alternate addresses (420) Telephone: ( ) 407-327-5960 (421) Fax:( ) 407 327 6694 in Comments Section (422) Email Address: sboyle @winterspringsflo.org on Page 3 15. PT08 Contact Signature: (200) Contact Name: Casey Clark (210) Title: Human Resource Specialist (420) Telephone: ( ) 407 - 327 -5962 (421) Fax:( ) 407 - 327 -6694 (422) Email Address: cclark @winterspringsfl.org 16. PT09 Contact Signature: (200) Contact Name: (210) Title: (420) Telephone: ( ) (421) Fax:( ) (422) Email Address: Contribution/ 17. PT02 (200) Contact Name: Roseann Prickel Mink Contact (210) Title: payroll account Information (420) Telephone: ( ) 407 - 327 -5985 (421) Fax:( ) 407 - 327 -6694 (422) Email Address: rprickel @winterspringsfl.org Does the EZLink Contact initiate ACH /wire for payroll? ❑ Yes ❑ No If No, please provide ACH /wire contact information: Name/Title: Telephone: ( ) 407 - 327 -5985 Mink is ICMA -RC's standard contribution detail summary format. Please complete and return the Mink Access Form. You must also complete a successful Mink test before your first contribution can be submitted. icmARC Building Retirement Security 401 Qualified Plan Implementation Data Form I Page 3 of 4 ICMA -RC Use Only: Employer # 10 Quarterly 18. PT04 (200) Contact Name: Roseann Prickel Statement Contact Information (210) Title: Sr. Accountant 407- 327 -5985 (420) Telephone: ( ) (421) Fax:( (422) Email Address: rprickel @winterspringsfl.org ) 407- 327 -6694 If this section is not completed, the Primary Contact will receive mailings. Plan 19. PT05 (200) Contact Name: Casey Clark Coordinator Contact Information (210) Title: HR. Specialist 407 - 327 -5962 (420) Telephone: ( ) (421) Fax:( (422) Email Address: cclark @winterspringsfl.org ) 407 - 327 -6694 Note: Changing this title requires an amendment to your resolution. Billing (Fees) 20. PTO6 (200) Contact Name: Shawn Boyle Contact Information (210) Title: Director of Finance (420) Telephone: ( ) (421) Fax:( (420) ) 407 - 327 -6694 (422) Email Address: sboyle @winterspringsfl.org Comments: 21. Alternative Addresses for #14 -20 Co- Provider 22. Does your plan have a co- provider relationship *? Information ❑Yes 0 N If yes, please provide the co- provider information: Name of Co- Provider(s): Co- Provider 1: Street Address: City: State: Zip Code: Phone Number: Co- Provider 2: Street Address: City: State: Zip Code: Internal Use Only 621 = Y/N 641 912 Who should use the EZLink Access form? Use this form to request a new user, and to update or remove an existing user. Instructions 1. Primary Contact Information — Please provide the name of the person who is designated as the primary contact. This person will need to sign this form to authorize access. If you want to verify your primary contact, please call Client Services at 1- 800 - 326 -7272 between 8:30 a.m. and 7:30 p.m. Eastern Time. Primary contact User ID and password will be created with full access. 2. EZLink User Information — To request a new User ID : check the Add New User ID box and enter the user information. The email address and access options are required. To update an existing User ID check the Update User ID box, enter the User ID and select all the access the user should have. To remove an existing User ID check the Remove User ID box to remove all access. Access Options: Balances /Reports This capability provides the user the ability to view plan and participant information including balances, investment allocations and reports. Online Enrollments: This capability provides the user the ability to enroll participants. Participant Changes This capability provides the user the ability to update participant information such as name, ad- dress, marital status, title. Contribution & Loan Repayments: This capability provides the user the ability to submit contributions and loan repayments online us- ing a prior payroll or ICMA -RC pre- formatted file. Participant Data Transfer: This capability provides the user the ability to submit an ICMA -RC pre- formatted participant in- dicative data demographic file including enrollments and participant updates and to view a customized data verification report. 3. Primary Contact Approval — Please have the Primary Contact sign and date this EZLink Access Form. Minimum System Recommendations ✓ Firefox Version 3.x and higher, or MICROSOFT Internet Explorer 5.0 and higher ✓ 128 Bit Encryption ✓ High speed Internet access or minimum 56K modem ✓ Pentium class PC ✓ Windows NT, 1995 or later OTHER SYSTEMS ARE NOT RECOMMENDED Please fax your completed EZLink Access Form to the EZLink Administrator at 1- 202 - 962 -4601. F RM000 -019- 200907 -18 0 EZLink gives you electronic access to a wide range of plan specific information, transaction processing capabilities and keeps you up -to -date on the latest in plan changes. As a user, you can access the information you need, when you need it. ICMARC n Buildig Retirement S—iry EZLINK ACCESS FORM -PAGE 1 OF 2 Plan Name The Winter Springs Defined Contribution Plan Plan Number(s) (All plan numbers must be listed to avoid processing delays.) I Primary Contact Information 2 EZLink User Information Primary Contact Name: Shawn Boyle Primary Contact Title: Director Finance Email Address: sboyle @winterspringsfl.org Daytime Phone Number: ( ) Select One: 0 Add New User ID 0 Update User ID Name: Casey Clark 71 Remove User ID Title: HR Specialist Email Address: cclark @winterspringsfl.org Daytime Phone Number: ( ) Access Options (You must select either yes or no for each access option): Balances & Reports ✓ Y N Contributions & Loan Repays ✓ Y N Online Enrollments ✓ Y N Participant Data Transfer ✓ Y N Participant Changes ✓ Y N ............................................................................................................................ ............................... Select One: 17 Add New User ID 0 Update User ID 71 Remove User ID Name: Title: Email Address: Daytime Phone Number: Access Options (You must select either yes or no for each access option): Balances & Reports Y N Contributions & Loan Repays Y N Online Enrollments Y N Participant Data Transfer Y N Participant Changes Y N ............................................................................................................................ ............................... Select One: 17 Add New User ID 0 Update User ID 71 Remove User ID Name: Title: Email Address: Daytime Phone Number: ( ) Access Options (You must select either yes or no for each access option): Balances & Reports Y N Contributions & Loan Repays Y N Online Enrollments Y N Participant Data Transfer Y N Participant Changes Y N Please fax your completed EZLink Access Form to the EZLink Administrator at 1- 202 -962 -4601. FRMOOO -019- 200907 -180 icmARC Building Re--t Security 2 EZLink User Information (continued) ink lir EZLINK ACCESS FORM - PAGE 2 OF 2 Select One: 17 Add New User ID 0 Update User ID Name: Title: Email Address: Daytime Phone Number: ( ) Access Options (You must select either yes or no for each access option): 17 Remove User ID Balances & Reports Y N Contributions & Loan Repays Y N Online Enrollments Y N Participant Data Transfer Y N Participant Changes Y N .......................................................................................................................... ............................... . Select One: 17 Add New User ID 0 Update User ID 17 Remove User ID Name: Title: Email Address: Daytime Phone Number: Access Options (You must select either yes or no for each access option): Balances & Reports Y N Contributions & Loan Repays Y N Online Enrollments Y N Participant Data Transfer Y N Participant Changes Y N 3 ICMA -RC considers participant information to be highly confidential, and we go to great lengths to avoid Primary breaching that confidentiality. For this reason, ICMA -RC cannot be responsible for (i) negligent or intentional Contact misuse of the password by the municipality's officers, employees, agents or contractors, (ii) a breach of confi- Approval dentiality that may occur as a result of such negligent or intentional misuse of the password, or (iii) a breach of confidentiality that may occur as a proximate result of the municipality's access to the participant database. If the municipality uses EZLink online transaction processing, please remember to review all financial information you have entered for your participants, as ICMA -RC is not responsible for incorrect data transmitted by the municipality. ICMA -RC recommends that you encourage all participants to review confirmations for accuracy. ICMA -RC's web site is normally available 24 hours a day, seven days a week. However, service availability is not guaranteed. Neither ICMA -RC or its affiliates, the VantageTrust Company, nor The Vantagepoint Funds will be responsible for any loss (or forgone gain) you may incur as a result of service being unavailable. Please signify your agreement to these terms by signing in the space indicated below. You may fax this signed form to the EZLink Administrator at 1- 202 - 962 -4601. We will provide you with User ID(s) and Password(s) to begin using EZLink. Should you have questions, please call our EZLink Team at 1- 800 -326- 7272. Agreed: Primary Date: 2/27/2012 Print Your Name Shawn Boyle For ICMA -RC Internal Use Only: EZLink Primary NBU EZLink QA Data Security Please fax your completed EZLink Access Form to the EZLink Administrator at 1- 202 -962 -4601. FRMOOO -019- 200907 -180 is ARC Building Retirement Security 401/457 Online Options Form Instructions Please indicate your desired election for all four of the features shown on the form before returning it to ICMA -RC. You may contact the New Business Analyst at 800 - 326 -7272 if you have questions. The following information should assist you with selecting the appropriate options for your Plan(s): l .Online deferral changes will be made available to the plan: With this option, you can allow participants to enter deferral changes through Account Access. The change should take effect for the first pay period in the month following the month that the election is made. 2. Direct Self Enrollment — 457 Plans Only: This option will allow employees to enroll in 457 Plans online. 3. Beneficiary information will be displayed online so that it can be viewed and updated: With this option, you can enable participants (through Account Access) and your plan contacts (through EZLink) to view and update beneficiary information online. Both primary and contingent beneficiary information will be displayed. Beneficiary information will be displayed on participant quarterly statements regardless of whether the online feature is activated. Both primary and contingent beneficiary information will be displayed on the statements. Please note: We are unable to make this option available within EZLink without also making it available within Account Access. 4. Online withdrawals* will be made available to the Plan: With this feature, you can enable participants to request withdrawals online after they separate from service. * Please note: Termination dates should be submitted via EZLink in a timely manner, and further employer approval is not required for individual disbursement requests. Online Withdrawals are for installments, partial and lump sum payments made directly to the participant. The Online Withdrawal system does not establish outgoing rollovers to other plan providers. 5. Electronic delivery for your plan(s) participants. With our electronic delivery process, plan participants will be able to quickly and easily view their statements and transaction confirmations in Account Access instead of waiting to receive them by mail. Once you switch your plan to paperless, we will let participants know by sending them a welcome email. They will also receive a message on their next statement that they will begin receiving their statements and confirmations online rather than in the mail. If participants prefer to receive their documents in the mail they can switch back to paper easily just by going to Account Access or calling Investor Services. If you select this option, you will be contacted by our Client Services Team and we will work with you to set up your plan to go paperless. Please fax the completed form to the attention of the New Business Unit at 202-962-4601. 401 /457 ONLINE OPTIONS FORM This form allows you to establish the following features for your plan(s): IcI Y I ^� (1) Online deferral changes �\ (2) Direct Self- Enrollment (Available to 457 plans only) (3) View and update beneficiary information online Building Retirentent Security (4) Online withdrawals (5) Electronic delivery for all participant statements and transaction confirmations. Please fax the completed form to the attention of the New Business Unit at 202 - 962 -4601. Plan Number: ❑ Make these changes to all of our 401 /457 plans Plan Name: 1. Online deferral changes will be made available to the plan: ❑ YES ❑ NO This plan allows (select all that apply): ❑ Pre -Tax Deferrals ❑ After -Tax Deferrals (After -tax deferrals applicable to 401 plans only) Pre -tax deferrals: Minimum % Maximum % Minimum $ Maximum $ After -tax deferrals: Minimum % Maximum % Minimum $ Maximum $ (Please enter whole percentages only) (Please enter whole dollars only) (Please enter whole percentages only) (Please enter whole dollars only) 2. Direct Self- Enrollment (applicable for 457 plans only) Direct Self- Enrollment should be made available to 457 plans: ❑ YES (Default) ❑ NO Please select one of the options below as part of the feature activation: ❑ Option 1 : Request deferral information during the enrollment and allow participants the ability to view /change deferral information on an ongoing basis via Account Access. ❑ Option 2: Request deferral information during the enrollment but DO NOT allow participants the ability to view /change deferral information on an ongoing basis via Account Access. ❑ Option 3 (Default): Please do not request deferral information. We will collect deferral information internally. Note: If an option is not selected, Option 3 will be utilized. 3. Beneficiary information should be displayed online so that it can be viewed and updated: ❑ YES (Default) ❑ NO Note: Beneficiary information will be displayed on participant statements regardless of the online option. 4. Online withdrawals will be established as a standard online feature. Please see instructions for further information. 5. Electronic delivery for all participant statements and transaction confirmations. Please see instructions for further information. ❑ YES ❑ NO Employer Authorization: Primary Contact Print Name Title Date: ICMA -RC Use Only: Form Rec'd by: Date: IMPORTANT! PLEASE READ THIS DOCUMENT PRIOR TO SUBMITTING YOUR FIRST PAYROLL TO I(MA -R( Frequently Asked Questions about submitting Payrolls to ICMA -RC What is EZLink? EZLink is ICMA -RC's secure internet -based software that allows you to submit payroll and enrollment information to ICMA -RC. Additionally, you can access reports about your plan's activity using EZLink. How do 1 get started using EZLink? Enclosed are several items that you will need to begin submitting contributions to the ICMA Retirement Corporation (RC) including: • EZLink Information and Access Form — Complete this form to assign a payroll, wire /ACH contact and issue passwords for inquiry only mode. • Processing Policies for Contribution and Loan Repayments — Describes processing cutoff and ICMA -RC's "good order" policy • ACH and wire instructions for 401, 457, IRA, and RHS plans Follow this checklist of steps to submit your payroll via EZLink ✓ Complete the EZLink Form and return to the New Business Unit Analyst in the envelope provided. ✓ Be sure to provide the first date you anticipate sending a payroll contribution to ICMA -RC. (Plan Data Implementation Form in "Return Booklet ") ✓ Complete a test file with ICMA -RC prior to submitting your first payroll. Your payroll contact will be called upon receipt of the EZLink Application to coordinate a test as well as discuss the features of EZLink. ✓ Review the Wire /ACH instructions with the appropriate contact. Your payroll contact may not be the person who transmits wires to ICMA -RC. ✓ Make sure you use the correct plan number and plan sources in EZLink based on your plan. Each plan has a distinct plan number. If you have a question regarding a specific plan number, please contact ICMA -RC for confirmation. ✓ Make sure you are using the correct format for each plan. Note that 401 , IRA and RHS plans have slightly different formats than 457 plans. ✓ Enroll participants in the plan prior to submitting your first payroll. You are now ready to submit payroll contribution and loan repayments to ICMA -RC! What if 1 cannot use EZLink? In order to reduce cost and processing errors, ICMA -RC's policy is that clients use EZLink. Additional fees are assessed to individual 401 & 457 participant accounts for Employers who do not utilize EZLink. (See Appendix 1 for a description of fees). It is required that employers use EZLink for all IRA and RHS accounts. Please note the "Processing Policies for Contributions and Loan Repayments" included in this packet. It is very important that your contribution detail is received in good order to ensure accurate, efficient processing of your data. Tips to prevent delays in payroll processing • Ensure that all participants are enrolled at ICMA -RC prior to submitting a payroll contribution. • Ensure you complete a test file successfully prior to submitting your first payroll. • For loan repayments, please ensure that loan numbers are properly entered. • Ensure that your plan number is correct. If you have multiple plans at ICMA -RC, this is particularly important. • Ensure that you use the correct payroll format within EZLink. The 401 /457 formats cannot be used for IRA and RHS payrolls. • Ensure that you use the proper wire or ACH instructions. It is important to note that 401 , 457, RHS and IRA plans all have different instructions. • Please do not change formats without contacting ICMA -RC. • If you encounter a problem with EZLink, please contact an EZLink Specialist at ICMA -RC at 1- 800 - 326 -7272 for guidance to correct any issues. APPENDIX 1 Account Maintenance Fee. The annual Account Maintenance Fee for Plan participants will be waived for Employers who use EZLink for contribution processing and submit deposits by wire transfer or ACH. In the event that Employer does not use EZLink for contribution processing and ACH /wire transfer, the annual Account Maintenance Fee shall be $36.00 per Plan participant. If applicable, this fee is payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters remaining on the day of payment. The Account Maintenance fee is debited from each Plan participant's account. IMPORTANT! PROCESSING POLICIES FOR CONTRIBUTIONS AND LOAN REPAYMENTS In order to provide the most efficient and dependable service possible to all of our valued customers, ICMA -RC has estab- lished the following policies related to contribution and loan repayment processing. UNBALANCED CONTRIBUTIONS /LOAN REPAYMENTS In situations where the contribution /loan repayment amount remitted differs from the sum of the detail records provided, in- vestment of the contributions and loan repayments will be delayed until the difference is resolved. If the difference cannot be resolved within 3 business days, ICMA -RC will return the money to the employer, unless alternative instructions are received. NON - CONFORMING FORMATS Non - conforming submittals of contribution /loan repayment detail records are typically paper documents printed from an em- ployer's payroll system or other electronic files not formatted according to ICMA -RC specifications. Processing time for non- conforming submittals can be significantly longer than for conforming formats. Consequently, while ICMA -RC will strive to process non - conforming submittals as timely as possible, we may take up to 5 business days to reconcile. The contributions and loan repayments will not be invested during this time. The following table provides the processing turnaround standards for non - conforming submittals. umber of Contributing Participants Murnber of Business Days to Process 50 or fewer 2 51 -99 3 100 -299 4 300 or more 5 UNREADABLE OR ERRONEOUS FILES If a contribution / loan repayment detail file is not readable (e.g., formatting problem, in- transit damage) or does not contain current data, investment of the contributions and loan repayments will be delayed until the employer provides a readable replacement file with current data. In such cases, ICMA -RC will initiate contact with the employer the day the file is received. PARTICIPANTS NOT ENROLLED Contributions received for participants who have not been enrolled in the plan cannot be invested. In such cases, ICMA -RC will initiate contact with the employer the next business day to request the required enrollment information. If ICMA -RC does not receive the required enrollment information by the close of the third business day following receipt of the contribution, the contribution amount will be refunded to the employer. INCORRECT LOAN NUMBERS If a loan repayment is received with incorrect loan number referencing, ICMA -RC may take up to two business days to invest the loan repayment. CONFORMING FORMATS FOR CONTRIBUTIONS AND LOAN REPAYMENTS TO ICMA -RC • EZLink On -line Contribution File Creation • EZLink Data Transfer in ICMA -RC Record Format #3 Please call a New Business Unit Analyst at 1- 800 - 326 -7272 to receive additional information about these options. CONTRIBUTION SUBMITTAL INSTRUCTIONS To avoid mailing delays associated with checks, ICMA -RC recommends that employers use either ACH or Wire to transmit funds for payroll contribution and loan repayment files. Below are the instructions for submitting funds to ICMA -RC for credit- ing to participant accounts. This information has been provided to ensure timely processing of your plan's contributions to the Vantagepoint Transfer Agents. In order to process your contributions quickly and accurately, ICMA -RC has separate and distinct banking and mailing instructions for each of your plans. Please use the chart below to identify the correct informa- tion for your specific plan when submitting contributions to us. As each address is different, please do not com- bine separate plan contributions in the same mailing. Plan Wires ACH 457 M& T BANK M& T BAN K-457 ABA #:022000046 ABA #:052000113 Vantagepoint Transfer Agents — 457 Account #: 42538001 Account #: 42538001 Ppt ID: 30XXXX (Plan #) OBI: 30XXXX (Plan #) 401 M& T BANK M& T BAN K -401 ABA #:022000046 ABA #:052000113 Vantagepoint Transfer Agents — 401 Account #: 42537981 Account #: 42537981 Ppt ID: l OXXXX (Plan #) OBI: l OXXXX (Plan #) *IRA M &TBANK M &TBANK ABA #:022000046 ABA #:052000113 Vantagepoint Transfer Agents Account #: 89559029 Account #: 89559029 Ppt ID: 70XXXX (Plan #) OBI: 70XXXX (Plan #) RHS M& T BANK M & T BANK ABA #:022000046 ABA #:052000113 Vantagepoint Transfer Agents Account #: 89559029 Account #: 89559029 Ppt ID: 80XXXX (Plan #) OBI: 80XXXX (Plan #) *Payroll Deduction or Sidecar IRA Note: If your contribution is sent to any address other than the one specified for each plan above, it will delay the investment of your contribution. Wire and ACH information WIRES AND ACH: You must include your plan number where XXXX is reflected above to ensure timely processing. It is extremely important that your participant detail breakdown be received no more than 2 business days prior to or at the same time as your remittance, when using the wire or ACH methods. Detail received after the receipt of funds will be cred- ited upon receipt of conforming detail. If you have any questions regarding these instructions, please contact a New Business Unit Analyst at 1- 800 - 326 -7272. CONTRIBUTION SUBMITTAL TIMING Participant accounts will receive credit if contributions and detail are received by ICMA -RC in "good order" before 4:00 p.m. Eastern Time as of the date of deposit at M & T Bank if that day is a business day. (See below for information re- garding early closings.) Crediting the contribution to participant accounts will be delayed by the length of time it takes for delivery by mail or overnight service. Wire transfer is a faster method of sending contributions and can result in more timely investment for your employees. It can provide same -day receipt, avoiding the possibilities of delays or loss through the mail. In order to ensure same -day receipt, wire transfers should be executed by 1:00 p.m. Eastern Time to allow three hours for the wire or ACH transmission to clear the Federal Reserve. EARLY CLOSINGS: Please keep in mind that the ICMA Retirement Corporation (ICMA -RC) follows the New York Stock Exchange (NYSE) closing schedule with respect to trades and investment allocations. If the NYSE is closed, ICMA -RC will also be closed. Therefore, no contributions will be processed on that day. In addition, at times, the market may close early. Transactions will not be allowed after the early close on that day. It is especially important to consider the early stock market closing when sending your retirement plan contributions. If you normally send your plan contributions by wire, please keep in mind that it may take up to four hours from the time you initi- ate the wire for it to arrive at the receiving bank. You may wish to initiate your wire a day early - on the previous business day - in order to meet the early close deadline. Specific information regarding early closings is available on EZLink. Please return the following documents in the enclosed envelope or mail to: ICMA -RC Attn: New Business Unit Analyst 777 North Capitol Street, N.E. Washington, DC 20002 -4240 0 Completed Resolution 0 Completed Adoption Agreement 0 Signed Administrative Services Agreement 0 Implementation Data Form 0 Loan Guidelines (if applicable) 71 Completed EZ Link Access Form 71 Completed 401/457 Online Options Form If you have not received all of these documents, please notify your New Business Unit Analyst at 1 -800 326 -7272 immediately. I C ARC Building Retirement Security ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET N.E. WASHINGTON, DC 20002 -4240 1- 800 - 326 -7272 WWW.ICMARC.ORG BRC1 Al - 007 - 201002 RESOLUTION NO. 2011-59 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, ESTABLISHING A MONEY PURCHASE PLAN AND TRUST TO BE KNOWN AS "THE WINTER SPRINGS DEFINED CONTRIBUTION PLAN "; PROVIDING FOR SEVERABILITY, REPEAL OF PRIOR INCONSISTENT RESOLUTIONS, AND AN EFFECTIVE DATE. WHEREAS, the Winter Springs has employees rendering valuable services to the City; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the City of Winter Spring desires that its money purchase retirement plan be administered by ICMA -RC and that the funds held in such plan be invested in the VantageTrust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans; and WHEREAS, the City Commission of the City of Winter Springs deems that this Resolution is in the best interests of the public health, safety, and welfare of the citizens of Winter Springs. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recitals are deemed true and correct and are hereby fully incorporated by this reference. Section 2. Establishment of Winter Springs Defined Contribution Plan. The City Commission of the City of Winter Springs hereby establishes a money purchase retirement plan and trust to be known as the "Winter Springs Defined Contribution Plan" ( "the Plan ") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement set forth in Exhibit "A," attached hereto and fully incorporated herein by this reference. The City Commission authorizes the City Manager to execute the Declaration of Trust of VantageTrust, intending such execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City. The City agrees to serve as trustee under the Plan and to invest funds held under the Plan in the VantageTrust. The City's Director of Finance and Administrative Services shall be the coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the VantageTrust; shall cast, on behalf of the City, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments. The City Commission hereby authorizes the City of Winter Springs Resolution No. 2011-59 Page 1 of 2 City Manager to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict. Section 4. Severability. If any section, subsection, sentence, clause, phrase, word, or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, or such court declares the banner program a public forum, this Resolution shall be immediately presented to the City Commission at their next regular meeting or special meeting for further consideration which may include amending or repealing this Resolution. Section 5. Effective Date. Upon adoption by the City Commission of the City of Winter Springs, Florida, this Resolution shall become retroactively effective starting on October 1, 2011. RESOLVED by the City Commission of the City of Winter Springs, Flo - ida, in a regular meeting assembled on the 12' day of March, 2012. /90/ C RLES A - : avor ATTE ` I : Orr 'AO " 1 RE LORENZO- LUACES, City Clerk Approved as t I • ' al form and sufficiency for the City o 1 inter Springs only: ANTHONY A. GARGANESE, City Attorney City of Winter Springs Resolution No. 2011-59 Page 2 of 2 401 GOVERNMENTAL MONEY PURCHASE PLAN ICMAC RETURN BOOKLET Building Retirement Security This booklet contains the following documents: • Suggested Resolution • Adoption Agreement • Implementation Data Form • EZ link Access Form • 401/457 Online Options Forni Governmental Money Purchase Plan & Trust Employer Plan Adoption Booklet This is one of two booklets containing information to establish your Governmental Money Purchase Plan & Trust with the ICMA -RC. Please return the following documents to ICMA -RC: 1. Completed Resolution. • Use the ICMA -RC Suggested Resolution enclosed, or • Complete your own Resolution. If you are using your own Resolution, please have it reviewed by ICMA -RC prior to passage. 2. Adoption Agreement. Complete all sections of the Agreement and execute. If you are utilizing an Individual Designed Plan Document, please provide a current copy of the document including amendments and a Letter of Determination as provided by the IRS. 3. Implementation Data Form. Complete all sections. 4. EZ Link Access Form. 5. 401/457 Online Options Form 6. Loan Guidelines (if applicable). This form is contained in the 401/457 Loan Pack- et. 7. Signed Administrative Services Agreement. Once you are ready to begin completing this information, please contact your New Business Unit Analyst, toll free at 1-800-326-7272 for assistance. RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A MONEY PURCHASE PLAN RESOLUTION OF City of Winter Springs (EMPLOYER NAME). PLAN NUMBER 10- WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the Employer desires that its money purchase retirement plan be administered by ICMA -RC and that the funds held in such plan be invested in the VantageTrust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans: NOW THEREFORE BE IT RESOLVED that the Employer hereby establishes or has established a money purchase retirement plan (the "Plan ") in the form of: (Select one) 0 The ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement (executed copy attached hereto). The Plan and Trust provided by the Employer (executed copy attached hereto). The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust of VantageTrust, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the Employer, if the assets of the plan are to be invested in the VantageTrust. BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the VantageTrust; and BE IT FURTHER resolved that the Director of Finance and Administrative Services _ (use title of official, not name) shall be the coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the VantageTrust; shall cast, on behalf of the Employer, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments; and BE IT FURTHER RESOLVED that the Employer hereby authorizes City Manager (use title not name) to execute all necessary agreements with the 1CMA Retirement Corporation incidental to the administration of the Plan. I Andrea Lorenzo Luaces , Clerk of the (City, County, etc.) of Winter Springs , do hereby certify that the foregoing resolution proposed by (Council Member, Trustee, etc.) of Winter Springs , was duly passed and adopted by the (Council, Board, etc.) of the (City, County, etc.) of Winter Springs at a regular meeting thereof assembled this 27 day of February , 20 12 , by the following vote: AYES: NAYS: ABSENT: (SEAL) Clerk of the (City, County, etc.) ICMA -RC • P. O. Box 96220 • Washington, DC 20090 -6220. 1- 800 - 326 -7272 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT PLAN NUMBER 10- The Employer hereby establishes a Money Purchase Plan and Trust to be known as The Winter Springs Defined Contribution Plan (the "Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust (MPP 01/01/06). This Plan is an amendment and restatement of an existing defined contribution money purchase plan. Yes 0 No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: Employer: City of Winter Springs [902] II. The Effective Date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: October 1, 2011 (e.g., January 1, 2006 for the MPP 01/01/06 flan) III. Plan Year will mean: The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(0 of the Plan.) 0 The twelve (12) consecutive month period commencing on October 1, 2011 and each anniversary thereof. IV. Normal Retirement Age shall be age 65_ (not to exceed age 65). [288] V. ELIGIBILITY REQUIREMENTS: 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees Yes All Full Time Employees Salaried Employees Non union Employees Management Employees Public Safety Employees General Employees Other Employees (specify describe the group(s) of eligible employees below) The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. Also, the eligibility requirements for participation in the Plan cannot be such that Employees become Participants only in the Plan Year in which the Employees terminate employment (i.e., stand -alone final pay plans). 1 Money Purchase Plan Adoption Agreement 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) 6 months If this waiver or reduction is elected, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age requirement is N/A (not to exceed age 21. Write N/A if no minimum age is declared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows (choose all that apply): Fixed Employer Contributions With or Without Mandatory Participant Contributions. (If section B or C is chosen, please complete section D.) A. Fixed Employer Contributions. The Employer shall contribute on behalf of each Participant 5 % of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions are required 01 are not required to be eligible for this Employer Contribution. B. Mandatory Participant Contributions for Plan Participation. A Participant is required to contribute (subject to the limitations of Article V of the Plan) (i) % of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of (insert range of percentages between 0% and 20% (e.g., 3%, 6%, or 20%; 5% to 7%)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan. A Participant shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. The Employer hereby elects to "pick up" the Mandatory Participant Contributions.' 01 Yes CI No [621] C. Mandatory Participant Contributions for this Portion of the Plan. Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute (insert range of percentages between 0% and 20% (e.g., 3%, 6%, or 20%; 5% to 7 %)) of the Employee's Earnings to the Plan for each Plan Year (subject to the limitations of Article V of the Plan). Neither an IRS advisory letter nor a de- termination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are picked up by the Employer are not includ -able in the Participant's gross income for federal income tax purposes. Pick -up contributions are not mandated to receive private letter rulings, however, ifan adopting employer wishes to receive a ruling on pick -up contributions they may request one in accordance with Revenue Procedure 2007 -4 (or subsequent guidance). Money Purchase Plan Adoption Agreement 2 A Participant shall not have the right to discontinue or vary the rate of such contributions after becoming a Participant in this portion of the Plan. The Employer hereby elects to "pick up" the Mandatory Participant Contributions.' Yes E1 No [6211 D. Election Window. Newly eligible Employees shall be provided an election window of 30 days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. In the event of re- employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick- up contribution amount directly. 01 Fixed Employer Match of Voluntary Participant Contributions. The Employer shall contribute on behalf of each Participant ___% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed ____% of Earnings or $ . Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. Variable Employer Match of Voluntary Participant Contributions. The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): % of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding ____% of Earnings or $ ); PLUS % of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (but not including Voluntary Participant Contributions exceeding in the aggregate ____ of Earnings or $ ). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ or ____ of Earnings, whichever is ___ more or ___ less. 2. Each Participant may make a voluntary (unmatched), after tax contribution, subject to the limitations of Section 4.05 and Article V of the Plan. Yes No 3. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): 2 See footnote 1 on the previous page. 3 Money Purchase Plan Adoption Agreement 4. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: (a) Overtime Yes J No (b) Bonuses Yes No (c) Other Pay (specifically describe any other types of pay to be included below) educational incentive pay VIII. The Employer will permit rollover contributions in accordance with Section 4.11 of the Plan. Yes No IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Sections 5.02 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (f) of the Plan will apply unless another method has been indicated below. Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The limitation year is the following 12 consecutive month period: Money Purchase Plan Adoption Agreement 4 X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Percent Completed Vested Zero 0 One 0 Two 40 a/o Three 60 Four 80 Five 100 Six Seven Eight Nine Ten XI. Loans are permitted under the Plan, as provided in Article XIII of the Plan: lO Yes 0 No [151] XII. 1. In- service distributions are permitted under the flan after a participant attains (select one of the below options): [646:8] 1 Normal Retirement Age Age 701/2 Not permitted at any age 2. Tax -free distributions of up to $3,000 for the payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. ni Yes 0 No (Default) [646:3] XIII. In- service distributions of the Rollover Account are permitted under the Plan as provided in Section 9.07. ij Yes 0 No (Default) [646:1] XIV. SPOUSAL PROTECTION The Plan will provide the following level of spousal protection (select one): A. 1 Participant Directed Election. The normal form of payment of benefits under the Plan is a lump sum. The Participant can name any person(s) as the Beneficiary of the Plan, with no spousal consent required. [646:6] B. 0 Beneficiary Spousal Consent Election (Article XII). The normal form of payment of benefits under [646 :6] the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. (This is the default provision under the Plan if no selection is made.) C. CI QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participant's [642:8] death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. [646 :6] 5 Money Purchase Plan Adoption Agreement XV. FINAL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected. Final Pay shall be defined as (select one): A. in Accrued unpaid vacation B. t Accrued unpaid sick leave C. In Accrued unpaid vacation and sick leave D. LJ Other (insert definition of final pay): that would otherwise be payable to the Employee in cash upon termination. 1. 71 Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant _________% of Final Pay to the Plan (subject to the limitations of Article V of the Plan). 2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. If the employer elects to "pick up" these amounts, in no event does the Employee have the option of receiving the pick-up contribution amount directly. The Employer hereby elects to "pick up" the Employee Designated Final Pay Contribution thereby treating such contributions as Employer -made contributions for federal income tax purposes. Yes J No [621] XVI. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions if either 1 or 2 is selected below. Accrued Leave shall be defined as (select one): A. El Accrued unpaid vacation B. Accrued unpaid sick leave C. (711 Accrued unpaid vacation and sick leave D. El Other (insert definition of final pay: that would otherwise be payable to the Employee in cash. 1. Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the following options): For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours /days /weeks) to the Plan (subject to the limitations of Article V of the Plan). 01 For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Money Purchase flan Adoption Agreement 6 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute ____% (insert fixed percentage of accrued unpaid leave to be contributed) or up to % (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. If the employer elects to "pick up" these amounts, in no event does the Employee have the option of receiving the pick-up contribution amount directly. The Employer hereby elects to "pick up" the Employee Designated Final Pay Contribution thereby treating such contributions as Employer -made contributions for federal income tax purposes. CI Yes 11 No [6211 In order to allow for Final Pay Contributions and /or Accrued Leave Contributions, as defined in sections XV and XVI above, the Plan must also include additional sources of ongoing contributions, such as Fixed Employer Contributions or Mandatory Participant Contributions. In accordance with IRS Guidance, ICMA -RC will not process Final Pay Contribution or Accrued Leave Contribution Features as part of a "Stand Alone" Final Pay Plan. XVII. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVIII. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. XIX. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. XX. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XXI. An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code to the extent provided in applicable IRS revenue procedures and other official guidance. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 12 day of March 20 12 EMPLOYER ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Washington, DC 20002 -4240 202 - 962 -8096 By: B Print Name: Kevin L Smith Print Name: Title: City Manager Title: Attest: Attest: 7 Money Purchase Plan Adoption Agreement 401 Qualified Plan Implementation Data Form Please ensure that each section of this form is completed before returning it to ICMA -RC along with the other adoption materials. You may contact ICMA -RC's Client Services team at 1- 800 - 326 -7272 if you have questions. The following list of designations should help you complete the Implementation Data Form: 13. Primary Contact This person is responsible for the day -to -day administration and processing of plan transactions. This is the person we call if general questions arise concerning your ICMA -RC account. 14. Disbursement/Loan This person(s) will be responsible for signing disbursement and loan withdrawal forms, authorizing any disbursement or loan transactions, and answering questions pertaining to disbursements and loans. This should be a person(s) of au- thority. Also, the person's signature should be placed in the appropriate section of this form for our reference purposes. 17. Contribution /EZ link Contact This person is responsible for sending contributions to RC. If there are discrepancies in the wire amount and the corresponding backup, this is the person we will contact to resolve the issue. This person should have access to all payroll /contribution information to ensure efficient processing of contributions. Confirmations for each contribution received are sent to this individual. 18. Quarterly Statement This person will receive all quarterly statements. 19. Plan Coordinator The title of this person is designated in the resolution. If a different person obtains the same title, you may use this form to update the name change. You must have your legislative body pass a new resolution to update the title of the person designated as plan coordinator. 20. Billing (Fees) If RC charges any employer paid fees to your account, this person will receive the invoices. 401 Qualified Plan Implementation Data Form ( Page 1 of 4 ICM rfil'A A� Instructions to Employer: Provide necessary information to establish your plan properly. A 1`C Please contact your New Business Unit Analyst at 1- 800 -326 -7272, then press "0" for your plan number if you have any questions. Building Retirement security ICMA -RC Use Only: Employer # 10 General 1. (902) Employer's Full Name: City of Winter Springs information 2. (924) Street Address: 1126 East S.R. 434 (925) 3. (918) City: Winter Springs (919) state: Florida (920) Zip Code: 32708 4. (633) Primary Contact: Shawn Boyle 5. (634) Primary Contact Title: Finance Director 6. (631) Primary Contact Telephone #: ( 407____ 327 -5960 7. (632) Fax #: ( 407 ____) 327 -6694 8. (882) Employer's Federal Tax Identification Number: 59- 1026364 Plan 9. (611) Contribution information (See "Important Contribution Information" later in this book) Implementation information a. Frequency: (check one) ❑ (0) Bi- weekly ❑ (4) Monthly ❑ (8) Semi - quarterly Instructions — Use the ❑ (1) Weekly ❑ (5) Semi - monthly ❑ (9) Bi- annually Vontagepoint Funds ❑ (2) Semi- weekly ❑ (6) Bi- quarterly ❑ (10) Annually Brochure or sheet to ❑ (3) Bi- monthly ❑ (7) Quarterly ❑ (11) Semi - annually complete this section. b. Deposit Medium: (624) ❑ Wire ❑ ACH 10. First Contribution Date Following Implementation: March 30, 2012 11. Number of Eligible Employee: 200 Expected Number of Participants: 50 -75 Default Default Fund for Investment Allocations: investment The default fund will be used if a participant does not provide valid allocation instructions (i.e., no allocation is provided, the allocation percentages Option do not total 100 %, or one or more funds that are not available to the plan are selected). If you do not make an election in this section, the Milestone Fund with the target date closest to a participants 60'" birthday will be used as your plan's default option. You may select the "Custom Default" option if you would like to use a fund (or funds) other than the Milestone Funds as your plan's default option. Please see ICMA -RC's Standard Plan Fund Lineup at www.icmarc.org to complete this section. Note: Prior to selecting the "Custom Default" option, employers should carefully review the Department of Labor's find regulations on qualified default investment dternatives (QDIAs). More information is avalable online at www.dol.gov or www.kmarc.org /ppa. 12. Defauh Fund for Investment Allocations (Select one option): ® The Milestone Funds (Defauh) with a target retirement age of: ❑ Age 60 (Default) ❑ Age (input the Target Retirement Age to be used for your plan) (continued on the following page) 401 Qualified Plan Implementation Data Form I Page 2 of 4 Instructions to Employer: Provide necessary information to establish your plan properly. ICM /C 1\C Please contact your New Business Unit Analyst at 1- 800- 326 -7272, then press "0" for your plan number if you have any questions. Building Retirement Security 10,1A-RC Use Only: Employer # 10 ❑ Custom Default (List the fund name(s) and percentages that wiN be used as the plan's default investment option): Default Fund Name Percentage Investment Option continued PLAN CONTACTS Primary 13. PTOO Contact (200) Primary Contact Name: Shawn Boyle information (210) Title: Director Finance (420) Telephone: ( ) 407 - 327 -5960 (421) Fax:( ) 407 - 327 -6694 (422) Email Address: sboyle@winterspringsfl.org Disbursement/ 14. PT01 Contact Signature: Loan Contact (200) Contact Name: Shawn Boyle Information (210) Tide: Director Finance Pkgs. indicate 4 07 - 327 -5960 alternate addresses (420) Telephone: ( ) (421) Fax:( ) 407-327-6694 in Comments Section (422) Email Address: sboyle @winterspringsflo.org on Page 3 15. PT08 Contact Signature: (200) Contact Name: Casey Clark (210) Title: Human Resource Specialist (420) Telephone: ( ) 407 - 327 -5962 (421) Fax :( ) 407 - 327 -6694 (422) Email Address: cclark@winterspringsfl.org 16. PT09 Contact Signature: (200) Contact Name: (210) Title: (420) Telephone: ( ) (421) Fax:( ) (422) Email Address: Contribution/ 17. PT02 (200) Contact Name: Roseann Prickel Enke Contact (210) Title: payroll account information n (420) Telephone: ( ) 407 - 327 -5985 (421) Fox:( ) 407 - 327 -6694 (422) Email Address: rprickel@winterspringsfl.org Does the EZLink Contact initiate ACH/wire for payroN? ❑ Yes El No If No, please provide ACH /wire contact information: Nane/litle: Telephone: ( ) 407 - 327 -5985 EZLIak Is KAIA-RC's stimulant anhtk.tf n d tsi smeary linnet. Phns. c.inphN .ml ratwss the EZllnk Amu Fe m. Yee nest .bn ampl t.. s.sc.uld Mink rest Were year first e. trMNsn eo he sskmlu t y / 441 \ 401 Qualified Plan Implementation Data Form , Page 3 of 4 icmARC Building Refitment Security ICMA -RC Use Only: Employer # 10 Quarterly 18. PT04 (200) Contact Name: Roseann Prickel Statement (210) Title: Sr. Accountant Contact (420) Telephone: ( ) 407 - 327 -5985 (421) Fax :( ) 407 - 327 -6694 Information (422) Email Address: rprickel @winterspringsfl.org N this series is not smokiest the Prhnwy Content will receive maims. Man 19. PBS (200) Contact Name: Casey Clark Coordinator (210) Title: HR. Specialist Contact (420) Telephone: ( ) 407 - 327 -5962 (421) Fax:( ) 407 - 327 -6694 Information (422) Email Address: cclark @winterspringsfl.org Note: Changing this Nile respires en.n,.n nt to yew motifs. Biltng (Pees) 20. PT06 (200) Contact Name: Shawn Boyle Contact (210) Title: Director of Finance Information (420) Telephone: ( ) 407 - 327 -5960 (421) Fax:( ) 407 - 327 -6694 (422) Email Address: sboyle@winterspringsfl.org Comments: 21. Ahernative Addresses for #14-20 Co-Provider 22. Does your plan have a co- provider relationship *? Information ❑Yes 14 No If yes, please provide the co- provider information: Name of Co- Provider(s): Co- Provider 1: Street Address: City: State: Zip Code: Phone Number: Co- Provider 2: Street Address: City: State: Tip Code: Infernal Use Only 621 a Y/N 641 a 912 is _-1 STREAMLINING PLAN ADMINISTRATION icmA-RC THROUGH TECHNOLOGY www.icmarc.org /ezlink/ EZLink gives you electronic access to a wide range of plan specific information, transaction processing capabilities and keeps you up-to -date on the latest in plan changes. As a user, you can access the information you need, when you need it. Who should use the EZLink Access form? Contribution & Loan Repayments: This capability provides the user Use this form to request a new user, and to update or the ability to submit contributions remove an existing user. and loan repayments online us- ing a prior payroll or ICMA -RC Instructions pre - formatted file. 1. Primary Contact Information — Please provide the Participant Data name of the person who is designated as the primary Transfer: This capability provides the user contact. This person will need to sign this form to the ability to submit an ICMA -RC authorize access. If you want to verify your primary pre - formatted participant in- contact, please call Client Services at 1- 800 - 326 -7272 dicative data demographic between 8:30 a.m. and 7:30 p.m. Eastern Time. file including enrollments and Primary contact User ID and password will be created participant updates and to view with full access. a customized data verification report. 2. EZLink User Information — 3. Primary Contact Approval — Please have the Primary To request a new User ID: check the Add New User Contact sign and date this EZLink Access Form. ID box and enter the user information. The email address and access options are required. To update an existing User ID: check the Update User ID box, enter the User ID and select all the access the user should have. Minimum System Recommendations To remove an existing User ID: check the Remove ✓ Firefox Version 3.x and higher, or MICROSOFT User ID box to remove all access. Internet Explorer 5.0 and higher ✓ 128 Bit Encryption Access Options: ✓ High speed Internet access or minimum 56K modem Balances /Reports: This capability provides the user ✓ Pentium class PC the ability to view plan and ✓ Windows NT, 1995 or later participant information including balances, investment allocations and reports. Online Enrollments: This capability provides the user OTHER SYSTEMS ARE NOT RECOMMENDED the ability to enroll participants. Participant Changes: This capability provides the user Please fax your completed EZLink Access Form to the the ability to update participant EZLink Administrator at 1 -202- 962 -4601. information such as name, ad- dress, marital status, title. FRM000 -019- 200907 -180 !9! mRC fink EZLINK ACCESS FORM - 1 PAGE ment &runty G 0 F 2 Plan Name The Winter Springs Defined Contribution Plan Plan Number(s) (All plan numbers must be listed to avoid processing delays.) 1 Primary Contact Name: Shawn Boyle Primary Primary Contact Title: Director Finance Contact Information Email Address: sboyle @winterspringsfl.org Daytime Phone Number: ( 2 Select One: IiI Add New User ID 0 Update User ID 0 Remove User ID EZLink Name: Casey Clark User Information Title: HR Specialist Email Address: cclark @winterspringsfl.org Daytime Phone Number: ( _ _) _ - Access Options (You must select either yes or no for each access option): Balances & Reports ✓ Y _N Contributions & Loan Repays ✓ Y _N Online Enrollments ✓ Y _N Participant Data Transfer ✓ Y _N Participant Changes ✓ Y _N Select One: 0 Add New User ID 7 Update User ID ❑ Remove User ID Name: Title: Email Address: Daytime Phone Number: ( _ ) _ _ Access Options (You must select either yes or no for each access option): Balances & Reports Y _N Contributions & Loan Repays _Y _N Online Enrollments _Y _N Participant Data Transfer _Y _N Participant Changes _Y _N Select One: 0 Add New User ID 0 Update User ID 0 Remove User ID Name: Title: Email Address: Daytime Phone Number: ( Access Options (You must select either yes or no for each access option): Balances & Reports _Y _N Contributions & Loan Repays Y _N Online Enrollments _Y N Participant Data Transfer _Y _N Participant Changes _Y _N Please fax your completed EZLink Access Form to the EZLink Administrator at 1-202- 962-4601. FRM000.019- 200907 -180 rA ICMARC tank B EZLINK ACCESS FORM - PAGE 2 OF 2 Building .�n 2 Select One: 0 Add New User ID 0 Update User ID 0 Remove User ID EZLink Name: User Title: Information Email Address: (continued) Daytime Phone Number: ( _ _ _ _ Access Options (You must select either yes or no for each access option): Balances & Reports _Y _N Contributions & Loan Repays _Y _N Online Enrollments _Y _N Participant Data Transfer _Y _N Participant Changes _Y _N Select One: 0 Add New User ID 0 Update User ID 0 Remove User ID Name: Title: Email Address: Daytime Phone Number: (_ _ ) _ - Access Options (You must select either yes or no for each access option): Balances & Reports _Y N Contributions & Loan Repays Y _N Online Enrollments Y _N . Participant Data Transfer Y N Participant Changes _Y _N 3 ICMA -RC considers participant information to be highly confidential, and we go to great lengths to avoid Primary breaching that confidentiality. For this reason, ICMA -RC cannot be responsible for (i) negligent or intentional Contact misuse of the password by the municipality's officers, employees, agents or contractors, (ii) a breach of confi- Approval dentiality that may occur as a result of such negligent or intentional misuse of the password, or (iii) a breach of confidentiality that may occur as a proximate result of the municipality's access to the participant database. If the municipality uses EZLink online transaction processing, please remember to review all financial information you have entered for your participants, as ICMA -RC is not responsible for incorrect data transmitted by the municipality. ICMA -RC recommends that you encourage all participants to review confirmations for accuracy. ICMA -RC's web site is normally available 24 hours a day, seven days a week. However, service availability is not guaranteed. Neither ICMA -RC or its affiliates, the VantageTrust Company, nor The Vantagepoint Funds will be responsible for any loss (or forgone gain) you may incur as a result of service being unavailable. Please signify your agreement to these terms by signing in the space indicated below. You may fax this signed form to the EZLink Administrator at 1 -202 -962 -4601. We will provide you with User ID(s) and Password(s) to begin using EZLink. Should you have questions, please call our EZLink Team at 1- 800 -326- 7272. Agreed: Date: 2/27/2012 Primary Contact Print Your Name Shawn Boyle For ICMA -RC Internal Use Only: EZLink Primary NBU EZLink QA Data Security Please fax your completed EZLink Access Form to the EZLink Administrator at 1-202-962-4601. FRM000 -019- 200907 -180 7/ I CMA RC Building Retirement Security 401/457 Online Options Form Instructions Please indicate your desired election for all four of the features shown on the form before returning it to ICMA -RC. You may contact the New Business Analyst at 800- 326 -7272 if you have questions. The following information should assist you with selecting the appropriate options for your Plan(s): 1.Online deferral changes will be made available to the plan: With this option, you can allow participants to enter deferral changes through Account Access. The change should take effect for the first pay period in the month following the month that the election is made. 2. Direct Self Enrollment — 457 Plans Only: This option will allow employees to enroll in 457 Plans online. 3. Beneficiary information will be displayed online so that it can be viewed and updated: With this option, you can enable participants (through Account Access) and your plan contacts (through EZLink) to view and update beneficiary information online. Both primary and contingent beneficiary information will be displayed. Beneficiary information will be displayed on participant quarterly statements regardless of whether the online feature is activated. Both primary and contingent beneficiary information will be displayed on the statements. Please note: We are unable to make this option available within EZLink without also making it available within Account Access. 4.Online withdrawals' will be made available to the Plan: With this feature, you can enable participants to request withdrawals online after they separate from service. * Please note: Termination dates should be submitted via EZLink in a timely manner, and further employer approval is not required for individual disbursement requests. Online Withdrawals are for installments, partial and lump sum payments made directly to the participant. The Online Withdrawal system does not establish outgoing rollovers to other plan providers. 5. Electronic delivery for your plan(s) participants. With our electronic delivery process, plan participants will be able to quickly and easily view their statements and transaction confirmations in Account Access instead of waiting to receive them by mail. Once you switch your plan to paperless, we will let participants know by sending them a welcome email. They will also receive a message on their next statement that they will begin receiving their statements and confirmations online rather than in the mail. If participants prefer to receive their documents in the mail they can switch back to paper easily just by going to Account Access or calling Investor Services. If you select this option, you will be contacted by our Client Services Team and we will work with you to set up your plan to go paperless. Please fax the completed form to the attention of the New Business Unit at 202 - 962 -4601. 401 /457 ONLINE OPTIONS FORM ,-,14:. This form allows you to establish the following features for your plan(s): C (1) Online deferral changes 1CM (2) Direct Self- Enrollment (Available to 457 plans only) (3) View and update beneficiary information online Budding Retirement Security (4) Online withdrawals (5) Electronic delivery for all participant statements and transaction confirmations. Please fax the completed form to the attention of the New Business Unit at 202 -962 -4601. Plan Number: ❑ Make these changes to all of our 401/457 plans Plan Name: 1. Online deferral changes will be made available to the plan: ❑ YES ❑ NO This plan allows (select all that apply): ❑ Pre -Tax Deferrals ❑ After -Tax Deferrals (After -tax deferrals applicable to 401 plans only) Pre -tax deferrals: Minimum % Maximum % (Please enter whole percentages only) Minimum $ Maximum $ (Please enter whole dollars only) After -tax deferrals: Minimum % Maximum % (Please enter whole percentages only) Minimum $ Maximum $ (Please enter whole dollars only) 2. Direct Self - Enrollment (applicable for 457 plans only) Direct Self- Enrollment should be made available to 457 plans: ❑ YES (Default) ❑ NO Please select one of the options below as part of the feature activation: ❑ Option 1: Request deferral information during the enrollment and allow participants the ability to view /change deferral information on an ongoing basis via Account Access. ❑ Option 2: Request deferral information during the enrollment but DO NOT allow participants the ability to view /change deferral information on an ongoing basis via Account Access. ❑ Option 3 (Default): Please do not request deferral information. We will collect deferral information internally. Note: If an option is not selected, Option 3 will be utilized. 3. Beneficiary information should be displayed online so that it can be viewed and updated: ❑ YES (Default) ❑ NO Note: Beneficiary information will be displayed on participant statements regardless of the online option. 4. Online withdrawals will be established as a standard online feature. Please see instructions for further information. 5. Electronic delivery for all participant 'Moments and transaction confirmations. Please see instructions for further information. ❑ YES ❑ NO Employer Authorization: Date: Primary Contact Print Name Title ICMA -RC Use Only: Form Rec'd by: Date: IMPORTANT! PLEASE READ THIS DOCUMENT PRIOR TO SUBMITTING YOUR FIRST PAYROLL TO ICMA -RC Frequently Asked Questions about submitting Payrolls to ICMA -RC What is EZLink? EZLink is ICMA -RC's secure internet -based software that allows you to submit payroll and enrollment information to ICMA -RC. Additionally, you can access reports about your plan's activity using EZLink. How do 1 get started using EZLink? Enclosed are several items that you will need to begin submitting contributions to the ICMA Retirement Corporation (RC) including: • EZlink Information and Access Form — Complete this form to assign a payroll, wire /ACH contact and issue passwords for inquiry only mode. • Processing Policies for Contribution and Loan Repayments — Describes processing cutoff and ICMA -RC's "good order" policy • ACH and wire instructions for 401, 457, IRA, and RHS plans Follow this checklist of steps to submit your payroll via EZLink ✓ Complete the EZLink Form and return to the New Business Unit Analyst in the envelope provided. ✓ Be sure to provide the first date you anticipate sending a payroll contribution to ICMA -RC. (Plan Data Implementation Form in "Return Booklet ") ✓ Complete a test file with ICMA -RC prior to submitting your first payroll. Your payroll contact will be called upon receipt of the EZLink Application to coordinate a test as well as discuss the features of EZLink. ✓ Review the Wire /ACH instructions with the appropriate contact. Your payroll contact may not be the person who transmits wires to ICMA -RC. ✓ Make sure you use the correct plan number and plan sources in EZLink based on your plan. Each plan has a distinct plan number. If you have a question regarding a specific plan number, please contact ICMA -RC for confirmation. ✓ Make sure you are using the correct format for each plan. Note that 401, IRA and RHS plans have slightly different formats than 457 plans. ✓ Enroll participants in the plan prior to submitting your first payroll. You are now ready to submit payroll contribution and loan repayments to ICMA -RCI What if 1 cannot use EZLink? In order to reduce cost and processing errors, ICMA -RC's policy is that clients use EZLink. Additional fees are assessed to individual 401 & 457 participant accounts for Employers who do not utilize EZLink. (See Appendix 1 for a description of fees). It is required that employers use EZLink for all IRA and RHS accounts. Please note the "Processing Policies for Contributions and Loan Repayments" included in this packet. It is very important that your contribution detail is received in good order to ensure accurate, efficient processing of your data. Tips to prevent delays in payroll processing • Ensure that all participants are enrolled at ICMA -RC prior to submitting a payroll contribution. • Ensure you complete a test file successfully prior to submitting your first payroll. • For loan repayments, please ensure that loan numbers are properly entered. • Ensure that your plan number is correct. If you have multiple plans at ICMA -RC, this is particularly important. • Ensure that you use the correct payroll format within EZLink. The 401/457 formats cannot be used for IRA and RHS payrolls. • Ensure that you use the proper wire or ACH instructions. It is important to note that 401, 457, RHS and IRA plans all have different instructions. • Please do not change formats without contacting ICMA -RC. • If you encounter a problem with EZLink, please contact an EZLink Specialist at ICMA -RC at 1- 800 - 326 -7272 for guidance to correct ony issues. APPENDIX 1 Account Maintenance Fee. The annual Account Maintenance Fee for Plan participants will be waived for Employers who use EZLink for contribution processing and submit deposits by wire transfer or ACH. In the event that Employer does not use EZLink for contribution processing and ACH /wire transfer, the annual Account Maintenance Fee shall be $36.00 per Plan participant. If applicable, this fee is payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters remaining on the day of payment. The Account Maintenance fee is debited from each Plan participant's account. IMPORTANT! PROCESSING POLICIES FOR CONTRIBUTIONS AND LOAN REPAYMENTS In order to provide the most efficient and dependable service possible to all of our valued customers, ICMA -RC has estab- lished the following policies related to contribution and loan repayment processing. UNBALANCED CONTRIBUTIONS /LOAN REPAYMENTS In situations where the contribution /loan repayment amount remitted differs from the sum of the detail records provided, in- vestment of the contributions and loan repayments will be delayed until the difference is resolved. If the difference cannot be resolved within 3 business days, ICMA -RC will return the money to the employer, unless alternative instructions are received. NON - CONFORMING FORMATS Non - conforming submittals of contribution /loan repayment detail records are typically paper documents printed from an em- ployer's payroll system or other electronic files not formatted according to ICMA -RC specifications. Processing time for non- conforming submittals can be significantly longer than for conforming formats. Consequently, while ICMA -RC will strive to process non - conforming submittals as timely as possible, we may take up to 5 business days to reconcile. The contributions and loan repayments will not be invested during this time. The following table provides the processing turnaround standards for non - conforming submittals. Number of Contributing Number of Business Participants Days to Process 50 or fewer 2 51 -99 3 100 -299 4 300 or more 5 UNREADABLE OR ERRONEOUS FILES If a contribution / loan repayment detail file is not readable (e.g., formatting problem, in- transit damage) or does not contain current data, investment of the contributions and loan repayments will be delayed until the employer provides a readable replacement file with current data. In such cases, ICMA -RC will initiate contact with the employer the day the file is received. PARTICIPANTS NOT ENROLLED Contributions received for participants who have not been enrolled in the plan cannot be invested. In such cases, ICMA -RC will initiate contact with the employer the next business day to request the required enrollment information. IF ICMA -RC does not receive the required enrollment information by the close of the third business day following receipt of the contribution, the contribution amount will be refunded to the employer. INCORRECT LOAN NUMBERS If a loan repayment is received with incorrect loan number referencing, ICMA -RC may take up to two business days to invest the loan repayment. CONFORMING FORMATS FOR CONTRIBUTIONS AND LOAN REPAYMENTS TO ICMA -RC • EZLink On -line Contribution File Creation • EZLink Data Transfer in ICMA -RC Record Format #3 Please call a New Business Unit Analyst at 1- 800 -326 -7272 to receive additional information about these options. CONTRIBUTION SUBMITTAL INSTRUCTIONS To avoid mailing delays associated with checks, ICMA -RC recommends that employers use either ACH or Wire to transmit funds for payroll contribution and loan repayment files. Below are the instructions for submitting funds to ICMA -RC for credit- ing to participant accounts. This information has been provided to ensure timely processing of your plan's contributions to the Vantagepoint Transfer Agents. In order to process your contributions quickly and accurately, ICMA -RC has separate and distinct banking and mailing instructions for each of your plans. Please use the chart below to identify the correct informa- tion for your specific plan when submitting contributions to us. As each address is different, please do not com- bine separate plan contributions in the same mailing. Plan Wires ACH 457 M & T BANK M & T BANK -457 ABA#: 022000046 ABA#: 052000113 Vantagepoint Transfer Agents — 457 Account #: 42538001 Account #: 42538001 Ppt ID: 30XXXX (Plan #) OBI: 30XXXX (Plan #) 401 M & T BANK M &TBANK -401 ABA#: 022000046 ABA#: 052000113 Vantagepoint Transfer Agents — 401 Account #: 42537981 Account #: 42537981 Ppt ID: 10XXXX (Plan #) OBI: 10XXXX (Plan #) *IRA M & T BANK M & T BANK ABA#: 022000046 ABA#: 052000113 Vantagepoint Transfer Agents Account #: 89559029 Account #: 89559029 Ppt ID: 70XXXX (Plan #) OBI: 70XXXX (Plan #) RHS M& T BANK M &T BANK ABA#: 022000046 ABA#: 052000113 Vantagepoint Transfer Agents Account #: 89559029 Account #: 89559029 Ppt ID: 80XXXX (Plan #) OBI: 80XXXX (Plan #) 'Payroll Deduction or Sidecar IRA Note: If your contribution is sent to any address other than the one specified for each plan above, it will delay the investment of your contribution. Wire and ACH information WIRES AND ACH: You must include your plan number where XXXX is reflected above to ensure timely processing. It is extremely important that your participant detail breakdown be received no more than 2 business days prior to or at the same time as your remittance, when using the wire or ACH methods. Detail received after the receipt of funds will be cred- ited upon receipt of conforming detail. If you have any questions regarding these instructions, please contact a New Business Unit Analyst at 1- 800 -326 -7272. CONTRIBUTION SUBMITTAL TIMING Participant accounts will receive credit if contributions and detail are received by ICMA -RC in "good order" before 4:00 p.m. Eastern Time as of the date of deposit at M & T Bank if that day is a business day. (See below for information re- garding early closings.) Crediting the contribution to participant accounts will be delayed by the length of time it takes for delivery by mail or overnight service. Wire transfer is a faster method of sending contributions and can result in more timely investment for your employees. It can provide same -day receipt, avoiding the possibilities of delays or Toss through the mail. In order to ensure same -day receipt, wire transfers should be executed by 1:00 p.m. Eastern Time to allow three hours for the wire or ACH transmission to clear the Federal Reserve. EARLY CLOSINGS: Please keep in mind that the ICMA Retirement Corporation (ICMA -RC) follows the New York Stock Exchange (NYSE) closing schedule with respect to trades and investment allocations. If the NYSE is closed, ICMA -RC will also be closed. Therefore, no contributions will be processed on that day. In addition, at times, the market may dose early. Transactions will not be allowed after the early close on that day. It is especially important to consider the early stock market closing when sending your retirement plan contributions. If you normally send your plan contributions by wire, please keep in mind that it may take up to four hours from the time you initi- ate the wire for it to arrive at the receiving bank. You may wish to initiate your wire a day early - on the previous business day - in order to meet the early close deadline. Specific information regarding early closings is available on EZLink. Please return the following documents in the enclosed envelope or mail to: ICMA -RC Attn: New Business Unit Analyst 777 North Capitol Street, N.E. Washington, DC 20002 -4240 CI Completed Resolution IJ Completed Adoption Agreement CI Signed Administrative Services Agreement ▪ Implementation Data Form El Loan Guidelines (if applicable) I71 Completed EZ Link Access Form ▪ Completed 401/457 Online Options Form If you have not received all of these documents, please notify your New Business Unit Analyst at 1 -800 326 -7272 immediately. ICMARC Bni11 g Retireuu rrt ,Sour ity ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET N.E. WASHINGTON, DC 20002 -4240 1- 800 - 326 -7272 WWW.ICMARC.ORG BRC1 A1- 007 - 201002